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Packagers’ fears over surplus2m MCCB funds

The Professional Mortgage Packagers’ Alliance is appealing to the FSA to pump some of the 2m in surplus funds left with the MCCB back into the mortgage industry.

The alliance is concerned that the surplus MCCB funds to be handed over to the FSA may not benefit the mortgage business.

The MCCB board is in discussions with the FSA over what will happen to the funds.

PMPA operations director Jon O’Brien says it would be unfortunate if mortgage intermediaries who contributed to the funds did not get any benefit.

The PMPA says it is concerned that the MCCB’s funds will not be used to improve the sector and it is calling for an open debate on the future of the funds to ensure that all options are explored and the funds are not arbitrarily assigned to the FSA.

O’Brien says: “The possibilities for putting this money to good use within the mortgage industry are manifold, not least in continually improving brokers’ abilities to meet the very standards the FSA is putting into the industry through regulation. Education and training through workshops or roadshows would imp-rove the knowledge of ind-ustry professionals.”


Mike Kellard

Winterthur Life’s chief executive believes depolarisation will actually polarise the industry further and has positioned the life office to take advantage of a growing interest in independent advice from highnet-worth individuals.

Friends slashes payouts

Friends Provident has cut bonuses on with-profits policies by up to 16 per cent. A 25-year 100 per month pension policy for a male aged 40 at entry will pay 116,759 compared with 139,281 last year.

Our demutual friend

Standard Life chief executive Sandy Crombie sets out the reasons why demutualisation is the best course for the company and how it is setting its sights on two goals this year – maxim-ising the value of the company and crystallising that value to deliver it to members.

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Healthcare predictions for 2015 from Jelf Employee Benefits

The continuing fall-out from the Competition and Markets Authority’s (CMA’s) review, the rise of the private GP and digital engagement will be the primary focuses in the private healthcare industry during 2015, according to Iain Laws, managing director, healthcare and group risk, at Jelf Employee Benefits.


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